Bitcoin price (BTC/USD) hits new lows as crypto slump continues

The Bitcoin price (BTC/USD) has seen further losses in the past 24 hours, unable to recover from the slump it experienced in late Sunday trading.

While the original cryptocurrency was not able to capitalise on its strong Monday finish, its price seemed stable, hovering above $6,800 during the morning session. However, the afternoon session brought fresh lows for the digital currency, which fell to as low as $6,542.08. This was Bitcoin’s lowest price level since April 1, according to data from cryptocurrency tracker Coinmarketcap. The coin eventually closed at $6,582.36, significantly lower than its opening price of $6,905.82.

While Bitcoin experienced a slight increase earlier in today’s morning trading, reaching an intraday high of $6,631.66, the cryptocurrency has performed poorly since the start of today’s session. At the time of writing, the Bitcoin price was hovering around fresh lows of about $6,530.

The latest slump, which has affected the entire cryptocurrency market, followed news that a small South Korean exchange Coinrail has been hacked. However, some observers are not convinced that the hack was the main reason for the decline.

“The narrative that such a small hack caused such a large price reaction has definitely been overplayed," Mati Greenspan, senior market analyst at eToro, said, as quoted by CNBC. Greenspan added that the Bitcoin price drop on Sunday had been caused by a technical correction.

In today’s trading, the Bitcoin price stood at $6,533.58, as of 10:33 BST. The digital currency has lost just over 5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’ total market capitalisation currently stands at $111.6 billion, which represents 40.4% of the total value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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